Qatar’s Barwa Bank is aiming to complete its listing on the Qatar Exchange in the next 12 months, according to chief executive Steve Troop.
“We have shareholder approval to proceed with a listing in parallel with a rights issue, and we are in what we hope is final dialogue with the authorities to progress with that,” says Troop.
The bank is also planning to get a credit rating later this year, as part of its plans to issue sukuk (Islamic bonds).
Barwa Bank plans to raise QR2.05bn ($563m) through the listing and share sale. This will increase the bank’s capital to QR4bn and allow the bank to play a larger role in financing Qatar’s infrastructure projects.